BRRRR or Conventional in Orange County

[Sam Mahmood]

Hey Guys, 

Im located in huntington beach, and opened up escrow on a great triplex that I will occupy. My biggest hurdle is figuring out if I should do a construction loan on it or conventional non qm with today's rates at 7.7%. 

The property is 1.65M half a mile from a beach, I will airbnb one of the units, long term rent one, and live in the other. I think the ARV is 2.1M after 190k of rehab.

my options are Bridge loan at 75% LTV 2.5 points, cash to close is 325K, 9.9% interest only, and payments are 11K a month no pre pay penalty when i refinance.

Or conventional non qm for 15% down 275K cash to close lock a rate about 7.7% and cash to close is 275k and I would have to fund the rehab myself.